Assuming the following inputs:
NSString *myString = @"My blue car is bigger then my blue shoes or my blue bicycle";
NSString *original = @"blue";
NSString *replacement = @"green";
The algorithm is quite simple:
NSRange rOriginal = [myString rangeOfString:original];
if (NSNotFound != rOriginal.location) {
myString = [myString stringByReplacingCharactersInRange:rOriginal withString:replacement];
}